Phancybox Boosting cash flow during COVID-19 restrictions

Boosting cash flow during COVID-19 restrictions

Our favourite marketing guru, Jim Connolly, has shared some ideas around how businesses can diversify, and improve cash flow, during Covid-19. We’ve added a few extras, and wanted to make sure that as many people in New Zealand had access to this information.

Retailers, department stores, super markets, pharmacys, etc., can improve cash flow by enabling their websites to sell online. If product is a concern, they can sell gift vouchers, or setup supplier drop shipping. Opt for home deliveries while possible, or extend delivery times to match current restrictions.

Restaurants, cafés, bars and hotels, etc., can offer gift vouchers to their regular / loyal customers, which can be purchased today, for use when things return to normal.

Bookshops, specialist interest shops (board games, music, art / craft shops etc.), can also do the above. Additionally, depending on their situation, they can offer to home deliver items that are traditionally picked-up in the store.

Lawyers, advisers, accountants, coaches, tutors, consultants, planners, designers, etc., who are unable to currently visit clients, may want to work via video conference. Skype, Zoom, FaceTime, etc.

Salons, tattoo studios, nail bars, beauty parlours, etc., could find themselves in high demand when they open again, if forced to close for a period of weeks or more. They might consider offering customers the option to book now, via a paid voucher, so they don’t have a super-long wait when the business reopens its doors.

Some examples of how businesses have diversified to cope during COVID-19

Jim has shared some of his clients ideas on how they adapted during COVID-19. Maybe one of these examples will provide the inspiration you need.

Restaurants: Anita runs a vegetarian restaurant. “We were basically waiting for the order to close and figuring out how to survive with no money coming into the business”. […] “After your email I started thinking on things we could do and nothing came to me. I asked Joe my partner and he said why not provide a takeout service so we asked around our friends on Facebook to see if anyone was up for it. They were and we started 2 days later and today we’re getting some thermal bags for home delivery starting next week”.

Retailer: Charles runs an adventure store. He’s been eager to establish an online shop, but never found the time. “With my team off the floor I now have all of these amazing resources to help me shift to online sales. We’re focusing on communication, really pushing it, to make sure our customers expectations are met, and they know the progress of their orders. Virtual gift vouchers are a clear winner – they’re helping satisfy immediate gifts for loved ones and contributing towards cash flow at the same time.

Financial Advisor: Grant is a financial advisor. In his email he explained that he had built his reputation around a very personal level of service. “The thought of working remotely with clients left me cold plus I hate cameras”. […] I read your blog and decided to call around some clients to check if they’d like next weeks meetings via video and only one client said no. That’s because he didn’t have video set up on his home computer yet. I’ll call everyone next week and am hopeful about the future for the first time in a month.”

Hair Salon: Alan runs a hair studio and liked the idea of offering vouchers, which can be bought today, to secure your place in the queue, when the coronavirus restrictions are lifted. He explained that a lot of his clients were due an appointment, so he emailed them. “Around 35% snapped the vouchers up and I think more people will buy them over coming weeks as hair gets longer and greyer”.

If you have any others that you’d like to share, please let us know so that we can keep this post updated. Your story might be the inspiration someone needs to get unstuck.

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Boosting cash flow during COVID-19 restrictions
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Boosting cash flow during COVID-19 restrictions
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Some ideas around how New Zealand businesses can improve cash flow during COVID-19, from retailers & coaches to restaurants & financial advisers.
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Phancybox
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